Ready to join Olymp Trade? Here are the fees you need to know about.
Want to be a successful Forex trader? It’s not enough to be focused on making profits. You should also be aware of the costs of placing trades. This knowledge helps you decide if a position is worth opening, closing, or holding overnight. Also, it lets you calculate the exact amount of your net profits to avoid unpleasant surprises.
In this article, we’ll talk about the Olymp Trade brokerage charges in India. If you are a newbie, this info will help you compare this platform against other popular brokers to make the right choice. To get registered, go to the platform’s website.
Already have an account? Read the article to check if you have overlooked some Olymp Trade brokerage charges.
What Fees a Forex Broker Can Charge You
First, let’s name all the fees a Forex broker can charge its customer. Depending on the platform, you may have to pay:
- Deposit and withdrawal fees
- Fee per trade (for opening or closing a position)
- Overnight fee
- Account maintenance fee
- Inactivity fee
- Hidden fees
All these costs may eat away at your profits. In some cases, they can make your trading activity unworthy of the time and effort you invest in it.
Note that each Forex broker may have its own set of policies regarding any of these fees.
Let’s see which of them Olymp Trade charges you.
Deposit & Withdrawal Fees
It’s one of the most important things to consider, apart from convenience and safety. Some platforms may charge you as much as 50 $ for funding your account. For most newbies and hobbyist traders, who don’t have thousands of dollars to move around, it’s unreasonably high.
Therefore, many popular retail brokers come with low or even zero deposit and withdrawal fees.
Good news:Olymp Trade charges you nothing for depositing or withdrawing funds from your account. The platform doesn’t make money on these operations.
However, remember that the banks or payment systems you use may have different policies. Sometimes, they withhold a commission for their services. To avoid unexpected waste, specify this info on the bank’s website before making a transfer.
Fees per Trade
For every trade that you place, you pay a certain fee. The size of this commission varies across different platforms. Normally, a good customer-centered retail broker like Olymp Trade charges a relatively low amount.
When you close a position with Olymp Trade, you pay nothing. (Honestly, very few Forex brokers still keep this type of fee).
When you open a Forex trade with Olymp Trade, the size of the commission depends on four factors.
- Trade amount
- Multiplier used
- Market situation
- Asset specifications
Example:
You open a $50 trade and apply a x500 multiplier, its total volume will reach $25,000. The platform will calculate your fee based on this amount.
You can always check this fee amount on the platform’s trading screen, below the UP and DOWN buttons. Note that the final amount may be slightly different because of the market volatility.
Finally, the commission rate depends on what asset you trade on. To find this info, go to Help -> Assets -> Trading conditions.
Overnight (Rollover) Fees
This type of fee is charged for holding a day position overnight.
You may do it to:
- increase your profits (if you hope a good market situation will continue improving);
- reduce your loss (if you hope a bad market situation will reverse).
An overnight fee applies to leveraged instruments only. See it as the interest you pay to your broker for multiplying your trade amount. Typically, Forex brokers charge you no interest if you close your position before the end of the day. But, if you prefer to hold it overnight, you have to pay for it.
The amount of an overnight fee depends on the difference between the interest rates of the currencies you trade. Sounds complicated?
Olymp Trade charges you a fixed rate that does not refer to the compound interest. The size of this fixed rate depends on the asset, but it’s never more than 15% of your trade amount.
To know the maximum overnight fee for the instrument you use, go to Help -> Assets -> Trading conditions. Everything is 100% transparent.
Account Maintenance Fees
It is similar to the annual or monthly fee a bank charges you for using its credit card.
Do you have to pay something for using an Olymp Trade account? The answer is yes and no. If you actively use your account, the maintenance payment is zero. However, the broker has the right to credit inactive accounts with a $10 monthly fee.
A trader is considered inactive if they haven’t opened any trades or made any deposits/withdrawals within 180 days. Naturally, we are talking about real accounts and real funds. Demo activity doesn’t count.
If you have no funds in your inactive account, the broker cancels your bonuses. In case you have neither bonuses nor funds, Olymp Trade charges you nothing at all. There’s no debt piling up.
Sale Success Fee
If you trade in the SPT mode, you may be subject to the so-called Sale Success fee. Let’s have a closer look at it.
If your trade is profitable, Olymp Trade retains a share of your revenue as a fee. Again, there are no surprises. This fee rate is calculated and fixed when you open a position in the SPT mode. The percentage depends on the current market conditions, your investment amount, and some other criteria.
To see the Sale Success fee rate for your instrument, go to Help -> Assets -> Trading conditions.
Master your trading skills and apply your knowledge to practice using the Olymp Trade demo account, it is free of charge. View more tips on the demo account in the article.
Olymp Trade Fees: Questions & Answers
For your convenience, we summarized the info about Olymp Trade’s fees in this brief O&A section.
— What fees does Olymp Trade charge its clients?
The platform charges a fee for opening a position, an overnight fee, an inactivity fee. Also, there is a Sale Success fee.
— Do Olymp Trade brokerage charges depend on the trading mode I use?
Yes, they do. Most fees we mentioned above apply to the Forex mode. If you trade in the FTT mode, all the costs are already incorporated into the system, so you don’t pay any additional commissions. As for the Sale Success fee, it applies to the SPT mode only.
— Are there deposit or withdrawal fees on Olymp Trade?
No. You deposit and withdraw funds free of charge.
— Does the size of my fees depend on my account’s status?
Yes. Advanced traders enjoy an up to 10% discount on position opening fees in the Forex mode. For Expert traders, this discount is up to 20%.
— Does Olymp Trade charge me an overnight fee?
Yes, the platform charges a fixed overnight fee in the Forex mode.
— What is the Sale Success fee?
In the SPT mode, it’s a share of the revenue you pay to the broker if your trade is profitable.
— What do my trading fees depend on?
On Olymp Trade, the size of a fee depends on your trading mode, asset specification, market conditions, trade amount, and the multiplier applied.
— Where can I see the size of my fee?
On the left-hand sidebar, go to Help -> Assets -> Trading conditions. Besides, the fee amount is displayed on the trading screen below the UP and DOWN buttons.
— Are there any inactivity fees?
Yes. If your account has been inactive for 180 days, a monthly inactivity fee of $10 may apply.
— Have Any Questions Left?
Visit the Olymp Trade platform for more details. You will find all the answers you need in the Help section on the left-hand sidebar.
